TL;DR:
If your bicycle gets stolen, act swiftly—file a detailed police report, carefully evaluate any homeowners insurance claim, and consider a dedicated bike insurance like Velosurance for faster, fuller recovery with less long-term impact
- Make a detailed theft report. You'll need this if you're claiming through homeowners insurance or a specialized bike policy
- Contact your homeowners or renters insurance agent next
- Consider Velosurance for tailored coverage
You walk around the corner to where you left the bike securely locked and that feeling hits you in the pit of your stomach. The bike is stolen.
Your initial thought is “maybe I didn’t leave it here, maybe I left it at the other bike rack” but no, it was left at this bike rack as evidenced by the cut cable lock lying on the ground.
So what now?
1. Call the police
The first thing you must do is to call the police and make a detailed police report. If you have home insurance you might be able to make a theft claim and the insurance company will rely on the police report for details of the bike and the theft. If you have Velosurance we will also need the police report.
2. Call your homeowners insurance agent
Next, call your home insurance agent and ask what type of coverage might be available for the theft of a bicycle. Don’t rush into a claim. There are several issues you need to discuss with your insurance agent, such as, “if I make this claim what is the deductible and how much will I get paid by the insurance company”.
3. Do the math
If your bike was worth $1,000 and the home insurance policy deductible is $1,000 then no need to make the claim. If this is the case you must tell the agent “do not submit a claim”, reason being, if the claim is submitted and even though the company will not pay you anything there is still a claim on your record and that can cause higher premiums in the future.
Your decision on whether to make the claim will be based on the potential reimbursement from the insurance company balanced against future premium increases. A claim free discount of 10% on a $2,000 policy premium over 5 years while the claim is on your record is $1,000 so to make a claim your potential reimbursement by the insurance company should exceed the downside of 5 years of increased premiums. Do the math and think long term.
Key Takeaways
- Immediately call the police—report the theft and obtain a police report, then notify your insurer to start the claim
- Weigh the financial trade-off—if your bike's value doesn’t exceed your deductible plus potential future premium hikes, it may be better not to claim
- Think long-term: A claim can increase your home insurance premiums—so make sure the reimbursement is worth the potential cost
- Velosurance offers specialized bike insurance starting at about $100/year, designed to avoid depreciation and offer more robust theft cover than typical home policies
- Take action—don’t wait or ignore the situation; reporting right away gives you the best shot at reimbursement or even recovery
Get bicycle insurance
The alternative to a limited protection home insurance policy is to insure the bike with a Velosurance policy that is specifically designed to insure bicycles.
Velosurance was founded because after 20 years of general insurance the owners never had a happy customer after making a home insurance claim for a bicycle. Velosurance offers a bicycle insurance policy that covers just about anything that can happen to your bicycle at premiums that start at $100 a year.
Alternative transportation is on the rise as well as bicycle theft. The FBI estimates that a bicycle is stolen every 2.8 minutes, and that’s just the bike thefts that are reported. Thieves recognize and target high value bikes and a good strong lock is only a small deterrent to a thief determined to steal your bike.
Read here for suggestions on how to securely lock your bicycle
Frequently Asked Questions
- What is the first action to take after discovering your bicycle has been stolen?
- Call the police and file a detailed police report right away. Both your bicycle insurance provider and any other insurer will need that report to process a theft claim. The more detail you can provide, including the serial number, photos of the bike, and a description of the theft location, the stronger your claim will be.
- What financial calculation should you do before deciding to file a theft claim?
- Compare the expected claim payout against the total long-term cost of filing. If your bike's value equals your deductible, there is nothing to recover, yet a claim still goes on your record and can raise premiums. A claim-free discount of 10% on a $2,000 annual premium over five years amounts to $1,000, meaning the reimbursement must exceed that figure to make the claim financially worthwhile. Think in terms of total cost over five years, not just the immediate payout.
- What are the advantages of specialized bicycle insurance for theft coverage?
- A specialized bicycle policy covers the declared value of the bike with no depreciation, meaning a $3,000 bike insured under a Velosurance policy stays a $3,000 bike at claim time regardless of its age. Velosurance offers coverage starting at $100 per year and processes claims specifically designed for cyclists, so the claim does not affect the premium or renewal status of any other insurance you hold.
- How often are bicycles stolen in the United States?
- The FBI estimates that a bicycle is stolen every 2.8 minutes, and that figure counts only reported thefts. Thieves recognize and target high-value bikes. A strong lock raises the difficulty threshold but does not eliminate the risk, which is why comprehensive bicycle insurance is the financial safety net that locking alone cannot provide.